TradeStalker's
R.B.I. Trader's Update
7 / 14 / 2009
(Published Since 1996)
...............................................
Dateline: 6:56 pm eastern time, 7/14/2009
We were looking to short early strength on Tuesday, and the
market opened higher and then reversed about 15 minutes into
trading. It was also noted that as long as the initial
support held on the first decent pullback it would set up a
buying opportunity. The initial support areas were at
891.50-890.75 on the ES, at 1438.00-1437.50 on the NQ and at
8230-8227 on the YM and the lows were made at 892.50 on the
ES, 1437.25 on the NQ and 8231 on the YM. Those areas were
all bought, and with the market holding the initial support
across the board, a good bounce followed. After reaching
902.00 around noon, the market pulled back but wouldn't
break. Buyers stepped back to the plate and took the market
to token higher highs by the close.
After the bell, earnings reports have the market up quite a
bit after hours. We get the CPI before stocks open, and then
at 2 pm we get the release of the Fed Minutes. The internal
gauges are getting short term overbought, and if the Vix
reverses it will give a number of sell signals. However, the
market has good momentum going on the upside and it will
take some doing to turn it back to the downside.
On Wednesday look for a shorting opportunity if the market
gaps up and then reverses within the first 20 minutes of
trading. If the market pulls back to test the Tuesday highs,
it should turn back up if the market is strong. If this is a
move that is reversed early, and doesn't get footing and
turn back up near the Tuesday highs, then a trend down day
could develop. If a pullback cannot hold at the 900.50-
899.75 area on the ES on Wednesday, then the market has
something wrong with it and the Wednesday highs could then
turn out to be a short to intermediate term top.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
908.75-909.25
912.00-912.75
917.25-918.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
903.50-903.00
900.50-899.75
896.50-896.00
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1466.50-1467.00
1473.50-1474.50
1478.75-1480.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1458.75-1458.25
1454.00-1453.25
1447.00-1446.25
September 2009 Dow futures resistance
symbols: emini = ymu9
8356-8360
8382-8386
8452-8458
September 2009 Dow futures support
symbols: emini = ymu9
8316-8312
8297-8293
8259-8255
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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